LONDON (dpa-AFX) - Hiscox Ltd (HSX.L), an insurance provider, Tuesday reported profit before tax of $625.9 million for the full year, significantly higher than $275.6 million in the previous year, primarily due to growth in insurance service result as well as net investment income.
Insurance service result increased 36.5 percent year-on-year to $492.3 million and net investment income was $384.4 million compared with a loss of $187.3 million a year ago.
The company also announced a share buyback of $150 million.
'Given the strong operational capital generation in 2023, the Group intends to return $150 million of capital to shareholders by means of a share buyback,' Hiscox said in a statement.
Net profit increased to $712 million or 201.5¢ per share from $253.9 million or 72.7¢ per share last year. Earnings per share adjusted for Bermuda DTA were 162.7¢.
Insurance revenue grew to $4.483 billion from $4.273 billion in the previous year.
Net asset value per share increased to 951.1¢ from 764.5¢ a year ago.
The Board has recommended a final dividend of 25 cents per share, to be paid on June 12, to shareholders of record on May 3.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX